What are the biggest Christmas hidden costs and money traps when buying presents?

Hey, I’m no Grinch. Well, maybe a little. I love Christmas, but I do believe we’ve fallen Lock, Stock and Two Smoking Barrels for this whole present giving thing.

Seriously, it’s like we’ve got a gun at our heads at the cash register!

Since hearing an “alternate” story about the fat red-suited dude at age 8, Christmas has been about who I’m spending time with.

Nowadays, that means my wife, my kids, my family, my out-laws and friends. Down time. Cards time. Beach time. Pool time. Meal time. Beer time. Plus some unusual time combinations of the above.

I can’t remember what I got for Christmas last year. But I remember who I spent it with. Equally, my kids, 5 and 4, won’t remember what they got for Christmas by the end of the Boxing Day test.

But I’m trapped too. Mrs DebtMan and I will purchase, approximately, 65,172 presents this month. Not much point fighting it.

So, whaddya do?

Lists and limits. List those you’re buying for. Cull it a little. And then you need to set price limits. Will the kids remember all eight presents? No. Will they equally not remember just three? Yes.

Do Kris Kringles where possible set stupidly low price limits with presents between older family members. If the gifts between adults are really just token anyway, does it really matter how much it costs?

And don’t forget to limit the big sting in the tail – that credit card bill that arrives in January that can take until March to pay off.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.